Participated · Series B · Aug 2020

Tangen Biosciences develops the TangenDx platform, which uses rotary rapid isothermal nucleic acid detection via a TangenDx disc and the GeneSpark automated amplification instrument. The platform is designed to detect targeted DNAs and RNAs directly from specimens without requiring laboratory facilities and can process samples such as whole blood, sputum, skin swabs and nasopharyngeal swabs. Tangen is developing a SARS-CoV-2 point-of-care molecular test and plans to release a multiplex panel for SARS-CoV-2, Flu A/B and RSV in the upcoming fall flu season. The company also has tests in development for Candida auris, sepsis-causing bacterial panels, antibiotic resistance genes and a fungal blood panel. Tangen closed an oversubscribed $12.2M Series B Preferred Stock financing and will use the net proceeds to scale manufacturing capacity for its COVID-19 test and to accelerate development of the panel test. Founded in 2013 and located in Branford, Connecticut, the company positions its platform as faster, simpler and more sensitive at lower cost than other commercial technologies. Tangen Biosciences develops TangenDx™, a novel isothermal nucleic acid detection platform designed to deliver rapid, low-cost, portable molecular diagnostics without traditional laboratory infrastructure. The company says the platform offers unparalleled sensitivity and a third-party evaluation reportedly showed 10x better clinical sensitivity than competitors. Tangen plans to use the platform for infectious disease testing and is on track for infectious disease clinical trials. Management expects to launch two 510(k) clinical studies this year and anticipates a 2020 product launch. The company is expanding operations and will relocate to a new 16,200 square foot facility in Branford, Connecticut in August 2019. Tangen was founded in 2013 and is led by CEO Richard C. Birkmeyer, PhD, who joined the company in November 2018.